Payden High Correlations

PYHRX Fund

USD 6.38 0.01 0.16%

The current 90-days correlation between Payden High Income and Payden Porate Bond is 0.62 (i.e., Poor diversification). The correlation of Payden High is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Payden High Correlation With Market

Weak diversification

The correlation between Payden High Income and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden High Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Payden High Income. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Payden Mutual Fund

0.79	PYCHX	Payden Regal	Pair Corr
0.76	PYCIX	Payden Emerging Markets	Pair Corr
0.84	PYEIX	Payden Emerging Markets	Pair Corr
0.78	PYEMX	Payden Emerging Markets	Pair Corr
0.73	PYEWX	Payden Emerging Markets	Pair Corr
0.66	PYVAX	Payden Equity Income	Pair Corr
0.66	PYVLX	Payden Equity Income	Pair Corr
0.69	PYVSX	Payden Equity Income	Pair Corr
0.86	VWEAX	Vanguard High Yield	Pair Corr
0.92	VWEHX	Vanguard High Yield	Pair Corr
0.93	BHYCX	Blackrock Hi Yld	Pair Corr

Related Correlations Analysis

	PYACX	PYAIX	PYARX	PYCEX	PYCHX	PYCBX	PYCIX	PYCWX	PYCSX	PYCRX
PYACX		-0.8	-0.61	0.01	0.13	0.98	0.05	0.93	0.93	0.68	PYACX
PYAIX	-0.8		0.72	0.35	0.3	-0.84	0.22	-0.82	-0.82	-0.5	PYAIX
PYARX	-0.61	0.72		0.38	0.49	-0.75	0.59	-0.76	-0.75	-0.08	PYARX
PYCEX	0.01	0.35	0.38		0.62	-0.05	0.87	0.03	0.02	0.44	PYCEX
PYCHX	0.13	0.3	0.49	0.62		0.0	0.67	0.03	0.04	0.48	PYCHX
PYCBX	0.98	-0.84	-0.75	-0.05	0.0		-0.08	0.97	0.97	0.59	PYCBX
PYCIX	0.05	0.22	0.59	0.87	0.67	-0.08		-0.03	-0.03	0.59	PYCIX
PYCWX	0.93	-0.82	-0.76	0.03	0.03	0.97	-0.03		1.0	0.63	PYCWX
PYCSX	0.93	-0.82	-0.75	0.02	0.04	0.97	-0.03	1.0		0.63	PYCSX
PYCRX	0.68	-0.5	-0.08	0.44	0.48	0.59	0.59	0.63	0.63		PYCRX
	PYACX	PYAIX	PYARX	PYCEX	PYCHX	PYCBX	PYCIX	PYCWX	PYCSX	PYCRX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PYCSX	+ 1.0	PYCWX
PYCBX	+ 0.98	PYACX
PYCWX	+ 0.97	PYCBX
PYCSX	+ 0.97	PYCBX
PYCWX	+ 0.93	PYACX
PYCSX	+ 0.93	PYACX

High negative correlations

PYCBX	- 0.84	PYAIX
PYCSX	- 0.82	PYAIX
PYCWX	- 0.82	PYAIX
PYAIX	- 0.8	PYACX
PYCWX	- 0.76	PYARX
PYCSX	- 0.75	PYARX

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden High Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Payden High's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PYACX	0.24	(0.03)	0.00	(1.43)	0.00	0.00	0.51	(0.61)	1.33
PYAIX	0.07	0.01	(0.28)	(0.45)	0.00	(0.12)	0.21	(0.11)	1.05
PYARX	0.05	0.02	0.00	(3.28)	0.00	0.00	0.11	(0.11)	0.32
PYCEX	0.10	0.01	(0.51)	1.68	0.00	(0.18)	0.23	(0.23)	0.80
PYCHX	0.11	0.01	(0.39)	(4.56)	0.03	(0.18)	0.16	(0.16)	0.94
PYCBX	0.22	(0.05)	0.00	(2.04)	0.00	0.00	0.42	(0.54)	1.20
PYCIX	0.09	0.02	(0.60)	3.47	0.00	(0.14)	0.23	(0.11)	0.46
PYCWX	0.23	(0.05)	0.00	(0.66)	0.00	0.00	0.43	(0.54)	1.31
PYCSX	0.22	(0.05)	0.00	(0.52)	0.00	0.00	0.33	(0.54)	1.20
PYCRX	0.13	(0.01)	(0.36)	(0.12)	0.17	(0.19)	0.31	(0.30)	1.11

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